Alumis (NASDAQ:ALMS) Trading 7.4% Higher – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s share price shot up 7.4% during trading on Thursday . The stock traded as high as $11.71 and last traded at $11.3610. 1,035,271 shares traded hands during trading, an increase of 37% from the average session volume of 752,937 shares. The stock had previously closed at $10.58.

Analyst Ratings Changes

ALMS has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alumis in a report on Monday. HC Wainwright raised their target price on shares of Alumis from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Wall Street Zen upgraded shares of Alumis from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.40.

Alumis Stock Performance

The stock has a market capitalization of $1.15 billion, a P/E ratio of -2.72 and a beta of -1.87. The firm has a 50-day moving average price of $6.64 and a 200 day moving average price of $4.86.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, November 13th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.14). The business had revenue of $2.07 million during the quarter, compared to analyst estimates of $3.14 million. On average, equities analysts anticipate that Alumis Inc. will post -8.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Alumis

In related news, major shareholder Foresite Capital Management Vi acquired 200,000 shares of Alumis stock in a transaction dated Monday, November 17th. The shares were purchased at an average cost of $5.59 per share, with a total value of $1,118,000.00. Following the completion of the purchase, the insider owned 2,234,129 shares of the company’s stock, valued at $12,488,781.11. This represents a 9.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James B. Tananbaum bought 200,000 shares of the stock in a transaction dated Monday, November 17th. The stock was bought at an average cost of $5.59 per share, with a total value of $1,118,000.00. Following the purchase, the director owned 2,234,129 shares in the company, valued at $12,488,781.11. The trade was a 9.83% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 2,788,875 shares of company stock worth $18,352,357 in the last quarter. 40.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alumis

A number of large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its position in Alumis by 320.9% in the third quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after purchasing an additional 4,894 shares during the last quarter. Kera Capital Partners Inc. bought a new stake in Alumis during the 2nd quarter valued at $32,000. Police & Firemen s Retirement System of New Jersey boosted its position in Alumis by 199.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock valued at $32,000 after buying an additional 7,165 shares during the period. New York State Common Retirement Fund grew its holdings in Alumis by 173.7% in the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after acquiring an additional 7,467 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new position in shares of Alumis in the second quarter valued at about $36,000.

Alumis Company Profile

Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words “allumer”-French for illuminate-and “immunis”-Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 (TYK2) inhibitors: ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system (CNS) penetrant molecule.